Key Takeaways AI-driven sell-off hit software on pricing-power fears and worries that hyperscaler AI capex may slow.ETSY saw a 3.1% broker-rating upgrade in four weeks, with 2026 earnings expected to be up 141%.CBRE & ASB log 7.7% and 8.3% broker-rating upgrades, respectively, and 2026 earnings are seen up 15.4% & 6.9%.This year has begun on a subdued note. The U.S. markets have witnessed an AI-driven sell-off as investors repriced lofty expectations. Several software stocks fell on fears that AI tools coul ...

CBRE Group, Inc. (NYSE:CBRE) is among the best stocks in each sector in 2026. On February 12, Raymond James maintained an Outperform rating on CBRE Group, Inc. (NYSE:CBRE) with a price target of $180, which suggests an upside potential of approximately 25%. The firm said that AI-driven displacement of white-collar employment is neither a short-term challenge nor an unavoidable outcome, as it provided clarity on concerns regarding a potentially pressurized office leasing activity. As the firm argued, offi ...

Financial Data and Key Metrics Changes - Total revenues increased by 15.3% to over $1 billion, compared to $872.7 million in the previous year, marking an all-time high [10] - Adjusted EPS rose by 23.6% to $0.68, exceeding previous guidance by $0.04 [12] - Adjusted EBITDA reached $214 million, up 17% from $182.9 million, with an improved adjusted EBITDA margin [13] Business Line Data and Key Metrics Changes - Leasing revenues increased by 13.6%, driven by strong activity in New York and Texas across retail, office, and industrial sectors [11] - Management and servicing revenues grew by 12% to over $1.24 billion, with a goal of exceeding $2 billion by 2029 [6] - Capital markets saw a 19.2% increase, reflecting significant activity in office, retail, and multifamily sectors [11] Market Data and Key Metrics Changes - Investment sales volumes surged by 50% in the fourth quarter, compared to 21% industry growth in the U.S. and 15% in Europe [7] - For the full year, investment sales volumes were up 56%, outpacing overall U.S. volumes which grew by 20% [7] - Quarterly debt volumes increased by 12%, with full-year origination volumes up 67%, compared to 43% for the U.S. industry [7] Company Strategy and Development Direction - The company is focused on leveraging AI and digital infrastructure to enhance service offerings and drive growth [8] - Newmark aims to continue its international expansion and increase market share across nearly all business lines [7] - The strategy includes investing in talent and technology to improve efficiency and margin enhancement [8] Management's Comments on Operating Environment and Future Outlook - Management expects double-digit growth in both top and bottom lines for the third consecutive year in 2026, with record total revenues and adjusted EPS [9] - The favorable macroeconomic backdrop for commercial real estate is anticipated to support continued growth [9] - Management highlighted the importance of AI as an accelerant for business opportunities and efficiency [20] Other Important Information - The company ended 2025 with $229.1 million in cash and cash equivalents and a net leverage of 0.8x [14] - Adjusted free cash flow increased by 38.4% to $268.9 million [14] - The board increased the share repurchase authorization to $400 million [13] Q&A Session Summary Question: AI's impact on office needs and employment - Management noted that it is early to fully understand AI's impact, but it is seen as an accelerant for business opportunities [19][20] Question: Expectations on debt refinancing and maturities - Management indicated that there is $2 trillion of debt coming due over the next three years, with significant activity expected in the market [27][28] Question: Risks of property-level data becoming public - Management acknowledged that while some data is confidential, there are opportunities to leverage proprietary data for evaluations [32][33] Question: Competitive landscape for talent - Management emphasized the importance of having a single team per vertical to avoid internal competition and enhance revenue per employee [63][64] Question: Revenue growth outlook for different business lines - Management expects capital markets to grow above the midpoint, management services to be in line, and leasing to be slightly below the midpoint [68]

Newmark Group (NasdaqGS:NMRK) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker7Good day, and welcome to the Newmark 4Q 2025 public financial results call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jason McGruder, Head of Investor Relations. Please go ahead, sir.Speaker4Thank you, operator, and good morning, everyone. Newmark issued its fourth quarter and full year 2025 financial results press release this morning. Unless otherwise stated, the resu ...

Newmark Group, Inc. (Nasdaq: NMRK) Fourth Quarter 2025 Financial Results Presentation February 25, 2026 Property Type: Multifamily N M R K .C OM NEWMARK 2 Table of Contents Property Type: Office 04 Recent Consolidated Results & Company Overview 13 Outlook & Targets 16 GAAP Financial Results 21 Additional Information on Newmark 29 Additional Industry Information 31 Financial Tables & Reconciliations Discussion of Forward-Looking Statements References in this document to "we," "us," "our," the "Company" and " ...

Core Insights - Cushman & Wakefield (CWK) reported record revenue for Q4 2025, achieving the highest fourth-quarter and full-year revenue in its history [1] - Services revenue increased by 8% year-over-year, or 6% in local currency, while capital markets revenue marked its fifth consecutive quarter of double-digit year-over-year growth [1][2] - The company generated over $125 million in additional cash flow compared to 2024 and prepaid $300 million in debt [2] Revenue Performance - Services revenue rose by 8%, with growth across all segments, particularly in project management in EMEA and APAC [2] - Leasing revenue improved by 6%, or 5% in local currency, driven by strong performance in the Americas and EMEA [2] Market Conditions - The commercial real estate market remains healthy, with steady demand across major asset classes and improvements in pricing and liquidity [2] - The company expressed optimism entering 2026, focusing on long-term strategic priorities and financial targets presented at the 2025 Investor Day [2]

Core Insights - The company is experiencing a transformational evolution in AI, which will create both winners and losers in the industry. Successful firms will be those that provide advisory-led, relationship-driven solutions, supported by large platforms and global execution capabilities [1][4]. Financial Performance - For the full year 2025, the company achieved revenue of $7.1 billion, a 7% increase, and adjusted EBITDA grew 11% to $656 million. Adjusted EPS was $1.22, up 34% from the previous year [8][9]. - The company generated over $290 million in free cash flow, exceeding the targeted conversion rate, with a conversion rate of 103% [7][8]. - The leverage ratio improved to 2.9 times from 3.8 times at the end of 2024, following a $300 million principal prepayment [9]. Growth Areas - The Americas saw multi-market leasing grow, with capital markets up 19% in Q4 and 33% in 2025. The leasing business also performed strongly, contributing to the highest quarterly revenue in company history [3][9]. - The company anticipates 2026 revenue growth of 6% to 8%, with adjusted EPS growth of 15% to 20% [14][15]. Strategic Initiatives - The company has broken down silos across departments and is deploying technologies to create integrated digital workflows, enhancing client engagement and operational efficiency [5][29]. - There is a focus on cross-selling between business lines, supported by AI-driven data flow and insights [29][30]. Market Trends - In The Americas, leasing revenue increased by 5%, driven by demand for high-quality office and industrial spaces, particularly those over 500,000 square feet [12][47]. - Capital markets globally grew by 15%, with strong performance in the Americas, particularly in office and retail sectors [13][14]. Future Outlook - The company is optimistic about the industrial sector, driven by e-commerce trends and demand for modern logistics facilities [47][48]. - The company plans to maintain a balanced approach to capital allocation, focusing on organic growth while continuing to reduce debt [31].

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) was $1.22, up 34% from the previous year, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, exceeding the targeted conversion rate with a 103% conversion rate [11] Business Line Data and Key Metrics Changes - Capital Markets revenue increased by 15% globally, with a notable 19% growth in the Americas [12][16] - The leasing business grew 5% in the fourth quarter, reaching the highest quarterly level ever for the company [12][14] - Services revenue grew 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strength in office and industrial sectors [14][16] - APAC leasing revenue increased by 5%, driven by growth in India and improvements in Greater China [15] - EMEA leasing grew 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on organic growth and strategic investments [6][17] - There is a strong emphasis on leveraging AI to enhance operational efficiency and client advisory services [7][18] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, particularly for large modern facilities [48][66] - The company anticipates steady revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will augment rather than replace trusted advisors in commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][59] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call for insights [25][26] Question: Guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives and organizational changes - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - While evaluating share buybacks, management's main priority remains investing in organic growth and deleveraging [51] Question: Exposure to the office sector and its potential disruption - Management noted that their focus is not on Class B office space, which is more likely to be impacted by market changes [43] Question: Hiring strategy for 2026 - The company plans to maintain a substantial hiring budget, particularly in institutional capital markets and leasing [61]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [8][9] - Adjusted earnings per share (EPS) was $1.22, up 34% from the previous year, marking the highest total revenue and leasing revenue in company history [4][9] - The company generated over $290 million in free cash flow, achieving a conversion rate of 103%, which is a $126 million improvement compared to 2024 [9] Business Line Data and Key Metrics Changes - Capital Markets revenue increased by 15% globally, with the Americas seeing a 19% growth, while leasing business grew 5% in the fourth quarter, reaching the highest quarterly level ever for the company [10][12] - Services revenue grew 6% globally in the fourth quarter, driven by strong project management revenues [14] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strong demand in office and industrial sectors, particularly for large, modern facilities [12][66] - In APAC, leasing revenue increased by 5%, driven by strength in India and improvements in Greater China, while EMEA leasing grew 7%, led by the Netherlands, Belgium, and Poland [12] Company Strategy and Development Direction - The company is focused on a three-year financial target of 15%-20% annual adjusted EPS growth and aims to continue investing in organic growth while reducing leverage to 2x by 2028 [5][15] - The strategic emphasis is on leveraging AI to enhance operational efficiency and client advisory services, with a commitment to breaking down silos within the organization [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, anticipating continued growth in leasing and project management [46][66] - The company is optimistic about maintaining strong performance in 2026, with revenue growth expected to be in the range of 6%-8% [14][15] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations, but still expects it to contribute positively in the future [10][11] - The company ended the year with approximately $800 million in cash and cash equivalents, and a leverage ratio improved to 2.9 times from 3.8 times at the end of 2024 [9] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, emphasizing the complexity and financial risks involved in commercial transactions [19][20] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth, noting that the fourth quarter's margin decline was due to one-time expenses [21][22] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call for insights [24][25] Question: 2026 guidance specifics - Management indicated that 2026 is expected to unfold similarly to 2025, with strong leasing and capital markets growth anticipated [26][27] Question: Cross-selling initiatives - The company is focusing on desiloing and enhancing data flow to support cross-selling across business lines, leveraging AI for better integration [31][34] Question: Capital allocation strategy - Management plans to maintain a balanced approach to capital allocation, focusing on organic growth while continuing to reduce debt [36] Question: Office sector exposure and potential disruptions - Management noted that their exposure to the office sector is around 40%, primarily avoiding Class B office spaces, which are more likely to be impacted by AI [38][41] Question: Hiring strategy for 2026 - The company plans to continue hiring at a substantial pace, particularly in institutional capital markets and leasing [59][60] Question: Capital Markets growth sustainability - Management believes that avoiding significant economic downturns will help sustain growth in Capital Markets, with ongoing demand in industrial leasing [62][66]

Q4 2025 EARNINGS PRESENTATION February 19, 2025 Q4 & FY 2025 FEBRUARY 19, 2026 Cushman & Wakefield 1 CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward -looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are no t ...